Saturday, March 26, 2016

Check your readiness for changing to new Financial year

I use to get lot of phone calls on 31st March and 1st April evry year asking for

How to open next year books ( Vfas, mktfas, milkfas )

It is very simple just open current year books.

menu 6. Tools - D. Recalculate Accounts

Menu 5 Master - B- Opening balance

select write next year books

Click proceed

Next year books written. Close the open books (quit) and select the new year from year list)

This is how you write next year books.

Check the readiness of your books for next year.

Your current books opening balance must be confirmed.

If it is not so you can not write next year books

Click the yellow button of CONFIRM OPENING BALANCES

Click this button . If total opening debit and total opening credit balances are same then it will write it to books and make the button green. If there is difference it will show you the difference.

If you have time and knowledge of how to find the opening balance difference find it and add to correct accounts. You can by-pass this step and add a new account named
OPENING BALANCE DIFFERENCE
and enter opening balance difference in this account as shown below.